The Homebuying Process

A lot of time and effort goes into buying a home. Here is the Home Buying process at it’s simplest and what happens at each step.


Before buying a home it is important to do a self assessment of where you would like to live and what is important in a home now and in the future. It is important to talk to a trusted loan officer to identify what type of financing you may be eligible for and purchasing power. Your loan officer can also help you establish a realistic idea of how much of a downpayment you will need, cash at closing scenarios and what your monthly payment could look like. It truly is never too early to prepare for home financing.


A quality realtor is instrumental in finding the house that fits your budget, goals and needs. By identifying your home financing options early, you can confidently look at homes knowing what you will qualify for and what your payment will be. Your realtor will help you negotiate the terms and conditions of your purchase with the Seller.

Contract Acceptance

After agreeing to terms with the Seller of a property your offer will be accepted and an official purchase contract will be ratified. You may be required to put a deposit down on the property in order for your offer to be accepted (also called an “Earnest Money Deposit”) depending on the Seller. Typically you will need to procure financing by a determined settlement date, so having your financing in line ahead of time will make the rest of the process much smoother.

Loan Approval

You will submit your official loan application in for approval with your lender. You will likely need to provide paystubs, tax documents, bank statements, among other documentation in order to receive financing approval. An appraisal will be done on the property to ensure the marketability of the home, and a home inspection will be done to ensure there are no visible signs of defects.


After loan has been approved you will then go to the settlement table to complete the purchase of your new home. At this time, your downpayment and any other funds necessary will be collected and you will sign all the official documents to complete the sale.